"Still don't know the most important piece of info here- what is the selling price?
If it is more than the payoff amount ( not the PB - PB is now irrelevant) + closing costs, you will not get them to short.
There are other ways to work…"
Edwin Baloloy's Discussions
Newrez (PHH) & Real Time Resolutions - short payoff allowed even if 1st isn't short? Current allowed contributions to Jr liens
Started this discussion. Last reply by Minna Reid Jan 16, 2023. 4 Replies 0 Likes
Hi All:I have a listing where I thought I had crossed all the T's and dotted the I's. Long story short (pun), the payoff on the 1st is significantly higher due to arrears and other fees accumulated…Continue
Is a homeowner still eligible for a Dept of Justice loan modification if servicing transfers?
Started this discussion. Last reply by Ron Scribner Feb 5, 2013. 7 Replies 0 Likes
Just when I thought a client of mine was going to be granted a principle reduction through the DOJ $27B settlement, the rug got pulled from under them.They were initially told they were awarded the…Continue
What % of your Short Sale listings came from homeowners who were APPROVED for a mod???
Started Sep 25, 2012 0 Replies 0 Likes
I keep hearing several agents saying, "this is the END of short sales..." after the (2) big game changers: 1.) Robosigning settlement and 2.) Homeowners Bill of Rights.Here's my take: until the…Continue
Any strategies dealing with Bank of America's 3rd party LRC "Loan Resolution Company"?
Started this discussion. Last reply by Edwin Baloloy Sep 6, 2012. 10 Replies 0 Likes
In a separate thread, I mentioned that Bank of America thought that LRC was doing such a lousy job, they decided to give them MORE short sales! *sarcasm…Continue
Edwin Baloloy's Page
Latest Activity
Minna Reid replied to Edwin Baloloy's discussion Newrez (PHH) & Real Time Resolutions - short payoff allowed even if 1st isn't short? Current allowed contributions to Jr liens
Edwin Baloloy replied to Brenda Mull's discussion Real Time Resolution
"bumping this thread hoping people are still getting notifications. Does anyone know what RTR will approve on junior liens?
I have one with the KITCHEN SINK: IRS, Franchise Tax Board, HOA and a private loan."
Edwin Baloloy replied to Edwin Baloloy's discussion Newrez (PHH) & Real Time Resolutions - short payoff allowed even if 1st isn't short? Current allowed contributions to Jr liens
"The 1st isn't short. However, the initial figures penciled out some proceeds to the seller with the principal balance.
After requesting a formal payoff, the amount shot up by almost $50k and washed out any equity. It turns out that the…"
Phoenix Nest Homes replied to Edwin Baloloy's discussion Newrez (PHH) & Real Time Resolutions - short payoff allowed even if 1st isn't short? Current allowed contributions to Jr liens
"What's the value? Is it less than what is owed? "
Short Sale Superstars LLC replied to Edwin Baloloy's discussion Newrez (PHH) & Real Time Resolutions - short payoff allowed even if 1st isn't short? Current allowed contributions to Jr liens
"How much is the home worth? You likely won't be able to short the first if they have a full equity position. No, you won't be able to have the seller receive proceeds. You likely need to give the IRS 0 and short RTR and the 3rd mortgage.…"
Edwin Baloloy posted a discussion
Newrez (PHH) & Real Time Resolutions - short payoff allowed even if 1st isn't short? Current allowed contributions to Jr liens
Hi All:I have a listing where I thought I had crossed all the T's and dotted the I's. Long story short (pun), the payoff on the 1st is significantly higher due to arrears and other fees accumulated during 2 loan modifications. SUMMARY:1st Newrez (PHH) - est $425k payoff2nd RTR - est $240k payoff3rd Private - est 25k (verbally agreed to 12k) IRS - $25,0000FTB - $3,000HOA - $3,000Shortfall is likely around $50k1. Will newrez entertain a short payoff since the principal is really around $380k?…See More
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Edwin Baloloy's Blog
When is it better to Simply "Walk" (Foreclose) and not seek a Short Sale?
Posted on September 3, 2012 at 12:30pm 2 Comments 0 Likes
If you’ve found this blog just by searching on the internet, there’s a good chance you’ve read the advantages a Short Sale can have over simply “walking” from the property and letting your lender foreclose.
In case you haven’t heard the reasons, let’s list some of them:
1. No Deficiency – if you have a “recourse” loan in California, you can be subject to further collections and a deficiency judgment after foreclosure. On the other hand, California Civil Code…
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